LIAM Fox has said that Britain has “nothing to fear” from no deal with the EU after new figures revealed that the UK relies more on trade with the rest of the world.

The strength of the UK economy as it approaches Brexit was also highlighted in a World Bank report which showed that it is the seventh best place to do business even under EU rules.

Britain was 13 places above its main EU rival Germany while the stagnant French economy was in a lowly 31st position.

According to the Office for National Statistics, Britain is doing better than ever selling services - including financial packages, pensions and insurance - to the rest of the world with an overall trade surplus of almost £21 billion with £38.5 billion in total exports in the second quarter of 2017.

The UK’s top market for services was the US which bought in £8.4 billion worth of services to the US from April to June far more than the £2.5 billion sold to Germany, the second largest market.

The UK services sector overall recorded a trade surplus of £101.1 billion last year with exports worth £262.3 billion.

NC

The UK relies on trade with the rest of the world, so we mustn't worry about and EU deal

Related articles

The ONS also revealed that two thirds of the total exports go to countries outside the EU.

In 2016/17 the UK also attracted more foreign direct investment projects than ever before, with more than 2,200 projects – a two per cent increase on the previous year. There were also 75,000 jobs created, and almost 33,000 safeguarded – the equivalent of 2,000 per week.

International Trade Secretary Dr Liam Fox said: “These figures show our exports growing from strength to strength. UK services are in high demand across the globe, with nearly two thirds going to markets outside the EU such as Japan and Saudi Arabia.

“It heralds a prosperous trading future for the UK, and it’s why the dynamic and experienced team at my international economic department will continue to prepare the ground for future free trade deals, and support more British businesses that want to export.”

Nations putting the EU in danger

Mon, October 23, 2017

Euroscepticism is rising across the continent

Austria: The hard-Right Freedom Party (FPO) has previously been accused of xenophobia and racism

Giving evidence to the Commons International Trade Committee, Dr Fox said he is "not afraid" of Britain leaving the EU without a deal, and warned that those seeking to rule this option out are undermining the UK's negotiating position in Brexit talks.

The leading Cabinet Brexiteer said suggestions in Europe that the UK should be "punished" financially for quitting the EU were "the language of a gang" which should be avoided so as not to damage the economic interests of EU citizens.

He warned that "any introduction of impediments to trade and investment across the European continent" would "disincentivise" global investors from investing in Europe.

Dr Fox said he was "frustrated" by the fact that the European Council has not yet given the green light for talks to move on from the divorce deal and the question of Britain's financial settlement, to discuss the future trade relationship.

And he said: "I'm very keen that we get a deal with the EU, but I'm not afraid of not getting a deal. I think we need to work within those parameters.

"Those who say we want a deal at any price undermine our negotiating hand, and those who say we want no deal and we want to walk away are not taking a realistic view of our economic situation."

Asked whether he was frustrated by Chancellor Philip Hammond's apparently "lukewarm" approach to Brexit, Dr Fox told MPs: "I had a very constructive meeting with the Chancellor yesterday that was far from lukewarm."

Dr Fox added: "I think the language, which is regrettable, that some people want to punish Britain for leaving in case other people would want to leave is the language of a gang not the language of a club and I think it should be avoided.

Brexit negotiations: UK’s key policy positions

Here is a summary of the UK’s main proposals for Brexit

"I think there have been some unwise phrases used. I think it is much better for us to get away from the hyperbole."

Meanwhile, Boris Johnson has announced that Britain is recruiting 50 more diplomats to "beef up" the country's bilateral influence in the European Union after Brexit.

The Foreign Secretary said the extra envoys would cost around £8 million a year and the first wave are understood to be in post already.

Discussing the traditional way the UK has dealt with European countries, he told the Foreign Affairs Committee: "We tended to put all our eggs in the Brussels basket and we tended to think that a lot of bilateral diplomacy, particularly with very, very important partners such as France and Germany, could be conducted through that prism and through that optic."